Bank Nifty spot opened at 18621 and made a high of 18699.20 , then went down till 18537.10, before closing at 18640.40 . We had mentioned long positions can be taken above 18712 and short positions can be taken below 18583 for the day. Bank Nifty triggered our short trade and competed just 1 target. It is now 18 trading sessions since Bank Nifty made the high of 19158 in July and we have seen Nifty make 7 new highs post that . Bank Nifty had taken support above 18415 - 18250 levels and recovered last week . As have been mentioning ' Now Bank Nifty has immediate resistance at 19128 - 19158 levels where it has been taking resistance in the past 18 sessions and it needs to break and sustain above it to test upto 19295 - 19340 levels' . Had mentioned in the previous post that 'Bank Nifty has been trading in a range of 18444 - 19079 since the beginning of August series and we should now see a break of this range this week ' . Had mentioned in the previous post 'Today Bank Nifty also completed our initial 3 weekly short targets . Now further correction as per the weekly levels are below 18581 which will get confirmed by sustaining below 18537'. Today Bank Nifty made a low at 18537 and recovered to close nearly flat in the end. Bank Nifty has taken support so far this month on corrections near 18543 - 18444 and breaking of these should take us towards our last weekly short targets. Holding these levels Bank Nifty can begin moving up again to test 19100 levels.
Trend reversal in Bank Nifty for this series would be consecutive closing below 18609 and trend continuation would be on consecutive closing above 19297 spot .
For today if Bank Nifty spot sustains above 18704 we can see a initial move upto 18772 & on sustaining above 18789 we may see further upmove till 18911. Similarly if Bank Nifty spot sustains below 18577 we may see a initial move on the downside upto 18509 & on sustaining below 18492 we may see further downmove till 18370
Bank Nifty Spot Levels for the day are
Long above 18704 for 18744 – 18789 – 18911 , SL 18620
Short below 18577 for 18537 – 18492 – 18370 , SL 18660
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.